Understanding The Activities Behind Blockchains
With over 4000 cryptocurrencies on coinmarketcap.com, cryptocurrency adoption seems to be gradually gaining global adoption through the development of different blockchain and cryptocurrency project. Although this is good news for the entire cryptocurrency space, but the fact remains that blockchain technology still can’t scale large enough to become globally used for commercial purposes.
The reason for this is because the speed at which data is processed on a blockchain is quite slow and needs constant upgrade and improvement to be able to scale to thousands of transactions per second.
In order to navigate through all the price action interest noise from crypto users and find the best places to invest your money in a blockchain technology that could scale in the future , blocktivity.info has provided a metric that can help us buy coins that have a real community and where transactions occur at high scalable proportion and by how much they scale.
Checking prices of crypto alone isn’t that important because back in 2017 bull run, the crypto that became popular were those that could scale. It’s important to track crypto activity in the crypto space is the “activity” because it tells which blockchain coin will eventually reach mass adoption.
Blocktivity tracks all top blockchains that have real transactions, operations and activities. According to tech observation, the more people use a technology, the more valuable it becomes, so bloctivity tells you if activities are going on in a blockchain with several indicators such as AVI (Activity Valuation Index) and CUI (Capacity Utilization Index).
According to the screenshot above, EOS is processing over 50 million operations in 24 hours, Bitcoin process 471,182 operations within 24 hours and WAX blockchain is processing 164,376 transactions within 24 hours.
What is the difference between OPeration and Transaction?
Different blockchains carry out different types of activities, blocktivity has decided to group these activities into Operations and Transactions. Operations (OP) are activities that have several activities in it, for example, there are around 2.5 transfers in each Bitcoin Transactions making while there is just 1 transaction (TX) on the wax blockchain.
What is the relevance of blockchain activity?
Blockchain technology is used for movement of money and data, so speed matters for mass adoption. Any blockchain that can process lots of transitions without getting stressed out might be valuable in the future. This is the singular reason why the ethereum community is working hard on improving ethereum blockchain to scale to greater TPS (transactions per second).